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charge-off
[chahrj-awf, -of]
noun
a write-off, especially of a bad loan by a bank.
Word History and Origins
Origin of charge off1
Idioms and Phrases
Hurriedly depart, run away, as in After a few minutes, she charged off to the next exhibit . This term alludes to the military meaning of charge , “attack impetuously.” [Early 1500s]
Also, charge against . Consider or count as an accounting loss or expense, as in I'm charging off this purchase to overhead , or Let's charge the new computer against office supplies . [Late 1800s] Also see write off .
Attribute to, blame something for, as in We can charge off these errors to inexperience .
Example Sentences
A recent report from the credit rating company Moody’s showed that credit card delinquency rates and charge-off rates, or the percent of loans that a bank believes will never be repaid, are now well above their 2019 levels and are expected to keep climbing.
At Synchrony Bank, the largest issuer of retail co-brand credit cards, the charge-off rate jumped from 3.5% to 5.6% in a year.
Meanwhile, the charge-off rates and 30-day delinquency rates have climbed.
AmEx’s net charge-off rate last quarter was 2%, up from 1.2% a year earlier.
The net charge-off rate for loans no longer expected to be repaid fell to 0.19%, the lowest level on record.
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